Tritium, a Brisbane-based manufacturer of electric vehicle chargers, has generated $57 million in revenue from 1 January 2023 to 30 April 2023, reflecting a year-over-year growth rate of 237 per cent from last year’s $17 million profit.
In a preliminary year-to-date financial results report, Tritium said it has built an order backlog valued at approximately $153 million by the end of April, enabling it to achieve record revenue and see an increase from the previous year’s same period, which stood at $120 million.
The result has been driven by continued strong orders in the calendar year-to-date period. The backlog combined with calendar year-to-date revenues is leading the company to increase its revenue guidance to a range of $210 million to $225 million, Tritium said.
The company will increase its revenue guidance to a range of $210 million to $225 million, up from the previously announced $200 million in excess, in light of calendar year-to-date revenue and backlog.
Meanwhile, sales orders decreased to $49 million from $69 million in the same timeframe in the previous years. Tritium said it continues to see indications of strong order growth in the balance of the calendar year as customer indications for 2024 deployments translate into purchases.
Tritium recently secured $40 million in capital investment from Sunset Power as trustee of the St Baker Family Trust and O-Corp, which backed the Queensland manufacturer with $35 million and $5 million investments, respectively.
Tritium said it will use the funding to continue to scale production volumes, further product development, and grow service operations around the world.
“Both the ongoing support from our largest investor and our preliminary results for the period January 1, 2023, through April 30, 2023, demonstrate the continued strong demand for Tritium’s products and services, and successful manufacturing scale-up to meet the demand for fast-charging infrastructure as the world shifts towards electrification,” said Jane Hunter, chief executive officer of Tritium.
“With our rapidly expanding production capacity and strategic customer partnerships, Tritium has maintained a strong market position and we believe the Company is well-positioned to compete for number one in market share.”
Tritium said it is slated to deploy its new tranche of funding to working capital investments to meet the continued growth in demand across its customer base.
The company now has inventory assets worth $144 million, which include finished goods, raw materials, and work-in-progress, as well as cash and cash equivalents of approximately $50 million.
